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Most Expensive City to Rent A House? Sydney Says No More!

BySilvia Wei

Source: Domain Rental Report, December Quarter 2018

Sydney house rents have fallen on an annual basis for the first time in 12 years, with the city losing its title of the most expensive city to rent a house to Canberra.

The median Sydney asking price is now $540 a week for houses, down 1.8 per cent in the year ending December 2018, according to the latest Domain Rental Report for the December quarter. Canberra house rents are now higher than the NSW capital, at $560.

“We expect rental supply to increase further in 2019, putting tenants in the driver’s seat,” Domain senior research analyst Nicola Powell said.

“Tenants will find greater bargaining power as rising supply keeps pressure on rents, providing strong grounds to negotiate lease terms. Landlords will be keen to retain good tenants as leases expire, with incentives and rental discounts a realistic prospect.”

House rents are now back to 2016 levels, while the cost of renting a unit has now returned to 2017 levels and new development has put downward pressure on prices, she said. Unit asking rents fell 2.8 per cent to $530 a week, compared to a year ago.

“Available rental stock continued to increase over the year, with development completions adding to the pipeline of supply,” Dr Powell said.

Source: Domain (By Tawar Razaghi)

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